In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

A unique ice cream manufacturer has been forced to file for its second bankruptcy loan. The recession hit Dippin’ Dots Inc. hard over the past few years, forcing company officials to decide on Chapter 11 bankruptcy protection. Company lawyers went before a bankruptcy judge last week to ask for a second loan. They believe that a $2 million loan – a debtor-in-possession loan – will help the company get through this rough financial patch. The loan would come from a venture capitalist organization started by an energy executive.

If the loan should go through, energy executive M.F. would then slowly take over control of the ice cream company. The business already has a loan with a national bank that has recently stated that it will not extend the ice cream manufacturer any additional funds. At this time, bank executives are asking a bankruptcy judge to have the ice cream company’s president replaced claiming that he has poor money management skills. If you’re considering Chapter 11 to salvage your business, it is important that you get a San Antonio bankruptcy lawyer involved as soon as possible. To get legal help and protection, contact the Malaise Law Firm today.